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Trade Desk falls on downbeat Q1 revenue forecast

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Deere falls after missing quarterly revenue estimates

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Futures up: Dow 0.18%, S&P 500 0.12%, Nasdaq 0.25%

(Updates prices before markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 13 (Reuters) -

Wall Street's main indexes were on track to open slightly higher on Thursday as investors parsed the latest producer prices data, while the prospect of Russia-Ukraine peace talks spurred some risk-taking.

The

producer price index

for final demand rose 0.4% last month after an upwardly revised 0.5% gain in December, the Labor Department's Bureau of Labor Statistics said.

Economists polled by Reuters had forecast the PPI rising 0.3%. In the 12 months through January, the PPI advanced 3.5% after increasing 3.3% in December.

"The revisions indicated higher inflation in the past, which make today's unexpectedly high inflation number look small in comparison," said Kim Forrest, chief investment officer at Bokeh Capital Partners.

Yields across government bonds also turned lower after the data, with the yield on the 10-year note last at 4.56%.

Before the report, traders of futures contracts that settle to the federal funds rate

placed

close to a 60% chance that the Fed would still be on hold in July, although that chance fell to about 52% after the data.

Separately, Data SGP showed the number of Americans filing new applications for unemployment benefits was 213,000 for the week ended February 8, compared with an estimate of 215,000, according to economists polled by Reuters.

A January consumer price index reading on Wednesday showed the highest increase in prices in nearly a year-and-a-half, underscoring the U.S. Federal Reserve's messaging that it was in no rush to resume cutting interest rates anytime soon.

The last reading of the personal consumption expenditures price index, the Fed's preferred inflation gauge, showed the fastest rise in months. Persistent signs of rising inflation could mean the central bank's policymakers will be cautious about cutting rates at all this year.

Meanwhile, Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy had expressed a desire for peace in separate phone conversations with him on Wednesday.

He also said in a post on his Truth Social social media platform that he will announce tariffs at 1 p.m.

At 08:53 a.m. ET, Dow E-minis were up 79 points, or 0.18%, S&P 500 E-minis were up 7.25 points, or 0.12%, and Nasdaq 100 E-minis were up 53.75 points, or 0.25%.

Megacap were mixed, although Tesla outperformed with an 3.1% rise.

Trade Desk dropped 29.8% after the ad tech firm forecast its first-quarter revenue below analysts' estimates.

Reddit shed 7.4% after the social media platform missed market estimates for daily active unique visitors in the fourth quarter.

Cisco Systems added 5.9% after the network-equipment maker raised its annual revenue forecast, while Robinhood Markets jumped 12.2% after the trading platform beat fourth-quarter profit expectations.

Deere fell 5% after the world's largest farm-equipment maker's quarterly revenue slumped 35% and missed analysts' expectations. (Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru; Editing by Pooja Desai)